Today the pensions cold calling ban comes into effect, helping to keep people protected and ensure pensioners have dignity and security in retirement.
Companies that make unwanted, unsolicited phone calls to people about their pensions may face enforcement action, including fines of up to half a million pounds, from today (9 January).
Pensions fraud can be devastating, leaving victims without the means to fund their retirement. One of the most common methods used by scammers to commit pensions fraud is through cold calls, which is why the government has taken action. Research by the Money Advice Service suggests that there could be as many as 8 scam calls every second – the equivalent of 250 million calls per year.
Pensions Minister Guy Opperman MP: "Pension scams are despicable crimes, fleecing people of the retirement they've earned by doing the right thing, working hard and saving for the future.
"Banning pensions cold calling will protect people from these callous crooks and ensure fraudsters feel the full force of the law."